Health Care FSA
One of the many benefits of being employed with Frederick County Public Schools (FCPS) is that you have access to a Cafeteria Plan established by FCPS. A Cafeteria Plan allows you to pay for out-of-pocket medical expenses. The major advantage of FCPS’s Cafeteria Plan is that, by participating, you save money by paying for benefits you would normally pay for but you avoid having to pay Federal Income and Social Security taxes. If you do participate in the Cafeteria Plan you would not be eligible for a Federal income tax credit on your next tax return.
A Health Flexible Spending Account (FSA) allows you to get reimbursed for qualified medical expenses with pre-tax funds (see Section 213D and Section 105 of the Internal Revenue Code for list of eligible expenses. You cannot use your FSA for expenses that have been paid by your medical insurance plan.)
The minimum election amount is $100 and the maximum annual election amount is $2700.
It is important for you to decide what benefits you will need for each Plan year. Your decision should be carefully made based on your expected health expenses for the coming year. Unless a qualifying “change in status” event occurs, you will not be able to change your elections after the first month of the Plan year. To see a list of the qualifying “change in status” events please see your Summary Plan Description (link to tab)
Run-out Periods for Submitting Claims is as follows:
You must submit your claims for reimbursement to Axis Plus per the schedule below timely or you can not be reimbursed per IRS guidelines.
|Run out period for active employees:||90 days after plan year ends (last day to submit claim is Sept. 28)|
|Run out period for terminated employees:||90 days after your termination date|
Under the new IRS regulations, employees will be able to rollover up to $500 of their Health FSA funds from one Plan year to the next. The rollover funds will be available to employees for one additional year. Any amount rolled over will not affect the election amount for the new Plan year. Any funds above $500 left over after the 90 day runout period will be forfeited.